PBGC’s Compliance with the Data Act

Revised on October 18, 2019, to correct typos on pages 10, and 26-28 of the report. We corrected the projected percent of the completeness attribute for the FAIN testing (p. 10) and the transposed column headings for accuracy and completeness in Appendices IV and V (pp. 26-28). The corrected typos do not impact stakeholders' reliance on reporting findings and conclusions. We found that PBGC generally complied with the requirements for completeness, timeliness, quality, and accuracy of the data, and implementation and use of the government-wide financial data standards established by OMB and Treasury. Overall, we rated PBGC data to be of “higher” quality based on the established standards. However, we observed some inconsistencies, variances and errors that might have impacted PBGC’s reporting of reliable and consistent federal spending data for public use. This occurred because PBGC did not address the Broker’s warning reports and relied on the Broker to validate the data. Also, some of the errors were attributable to third parties (e.g. GSA, SAM, and Broker). Appendix IV provides a summary table of audit results, Appendix V shows the data element analysis and Appendix VI details errors not-attributable to the agency. We made one recommendation related to ensuring quality control reviews prior to submissions to the Broker and use of the Broker’s warning reports to ensure proper data reporting. PBGC agreed with the recommendations and plans to compete action by September 2019.